Opinions

Steve MacInnes Petro-Canada PCA-T COMMENT May 15, 2008

Seems to be the perennial value story in the oil patch. Good suite of assets but in many respects not that exciting in doing anything earth shattering. Cheap and probably has room to grow but not his favourite.

Steve MacInnes

Owned

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$55.950

Stock price when the opinion was issued

integrated oils

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BUY

Merging with Suncor (SU-T). The reason to buy either is that they have a production profile that could grow dramatically. If you are positive on energy over the next little while, it makes a ton of sense to have a senior company like this.

SELL

Merger with Suncor (SU-T) is pretty much a done deal. Doesn't think this will go any higher so he would sell and pick up more Suncor, which is in the penalty box right now.

BUY

Merger with Suncor (SU-T) makes all the sense in the world. Very good combination. You get the oil sands along with a cash flow that will come from their more conventional assets.

PAST TOP PICK

(A Top Pick Sept 23/08. Up 17.4%.) Acquired by Suncor (SU-T).

PAST TOP PICK

(A Top Pick Oct 16/08. Up 107%.) (Now Suncor (SU-T)) A dominant player. Well diversified across gas, oil, oil sands, upstream, downstream. Will be the bellwether stock in the oil/gas industry.

PAST TOP PICK

(A Top Pick Nov 18/08. Up 91%.) Acquired by Suncor (SU-T), which he still owns. Lightened up a little. There will be a lot of opportunity.

PAST TOP PICK

(A Top Pick Jan 9/09. Up 65.9%.) Merged with Suncor (SU-T).

PAST TOP PICK

(A Top Pick Feb 2/09. Up 30.2% Using Suncor (SU-T) prices.)

PAST TOP PICK

(A Top Pick Feb 24/09. Up 76.35%.) Merged with Suncor (SU-T) and he holds their shares.

PAST TOP PICK

(A Top Pick March 30/09. Up 36.71%.) Absorbed into Suncor (SU-T). See Top Picks.)

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Steve MacInnes Petro-Canada PCA-T COMMENT May 15, 2008

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